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Hi, hoping for some clarity for what I believe is an error. But am unsure:
In the BA3 Exam Kit, question 73 runs down some information and asks you to provide the accounting equation at the end of the day in values. (Assets, Equity, Liabilities)
The last entry is: ‘Bought a motor car for $1000 on credit’.
This should increase liabilities and assets by $1000, yes? The answer does not seem to acknowledge this.
Is the book wrong or am I wrong?
Thanks.
Hi,
I’ve just started and the way my understanding is that it should be as you say, it would increase assets (car) and increase liabilities (suppler payable) by $1000.
I’ll be taking my exam soon so can you please tell me where did you get the exam kit. Is it free and how much would I need to spend on it if not?
Thanks,
Jules
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